Charles Schwab Investment Management Inc. Purchases 43,169 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Charles Schwab Investment Management Inc. grew its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,179,726 shares of the company’s stock after acquiring an additional 43,169 shares during the period. Charles Schwab Investment Management Inc. owned about 0.71% of Credo Technology Group worth $79,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC raised its stake in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CRDO shares. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Mizuho increased their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Barclays increased their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, TD Cowen increased their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.90.

Credo Technology Group Stock Performance

CRDO stock opened at $39.45 on Tuesday. The firm has a 50 day moving average price of $68.09 and a 200-day moving average price of $52.46. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The firm has a market capitalization of $6.60 billion, a price-to-earnings ratio of -263.00 and a beta of 2.16.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the completion of the sale, the chief technology officer now owns 8,508,602 shares of the company’s stock, valued at $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,190,496 shares of company stock worth $82,695,512. Insiders own 16.04% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.